uptrend support: Here's his candlestick chart, below RBC Capital Markets Caption outside of wrapper for normal article images We are turning more cautious on equity markets as the SPX nears its secular highs as valuations are becoming a more pressing concern, Davis wrote, referring to the ticker for the S&P 500 index, according to Market Watch. Thursday's gains, however, might buy some time. The setup at least argues for some caution in the near term, he said. The S&P 500 ended with a gain of around 5 points, or 0.2%, near 2,905. Meanwhile, a daily close below uptrend support at 2,901 would leave 2,860 as an initial target as part of a corrective phase, with the next layer of support seen at 2,785. Davis said a daily close above 2,900 could delay the corrective potential and argue for a retest of the secular intraday high at 2,941 set on Sept. 21.
(news.financializer.com). As
reported in the news.
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